Starting today, the latest development enables BTC deposits and withdrawals on the Bitcoin Lightning Network.
On Monday, July 17, Binance, the crypto exchange, announced the completion of the long-awaited integration of the Bitcoin Lightning Network.
As a result, Binance users can now utilize the Lightning Network, a Layer-2 scaling solution, for Bitcoin deposits and withdrawals. The exchange stated, “Binance has completed the integration of Bitcoin (BTC) on the Lightning Network, and deposits and withdrawals for Bitcoin (BTC) are now available on the Lightning Network.”
Binance successfully integrated Bitcoin (BTC) on the Lightning Network, making deposits and withdrawals now accessible. More details on https://t.co/aIofPdtAGY — Binance (@binance) July 17, 2023.
Binance users can use Lightning Network
Over the past two months, Binance has been diligently working on integrating the Bitcoin Lightning Network. In May 2023, the exchange had to temporarily halt withdrawals due to the substantial increase in gas fees triggered by the surge in Bitcoin Ordinals inscriptions.
In June of last month, Binance CEO Changpeng Zhao confirmed the ongoing efforts to integrate Bitcoin Lightning. By leveraging the Lightning Network, Binance aims to enhance Bitcoin transactions, making them faster and more scalable. This technology leads to smoother user experiences, reducing transaction costs, and speeding up settlement times.
Additionally, the integration of the Lightning Network improves the overall efficiency and convenience of using Bitcoin. The off-chain capabilities of the Lightning Network enhance Bitcoin’s scalability, effectively addressing problems related to network congestion and transaction delays.
Binance’s integration of the Layer-2 scalability Bitcoin Lightning Network sets a precedent, making it likely that other exchanges may follow suit in the future.
Big names in Bitcoin Lightning Network
Major players in the crypto industry have pledged support for the development and future growth of the Bitcoin Lightning Network. Block Inc., the digital payments company led by Jack Dorsey, declared earlier this year that it will utilize its Bitcoin reserves to provide liquidity to the Lightning Network.
Block Inc’s Bitcoin-focused unit TDB intends to launch its own Lightning Service Provider to address the issue of failed transactions on the Lightning Network caused by insufficient liquidity.
MicroStrategy, the world’s largest corporate holder of Bitcoins, is bullish on the Bitcoin Lightning solution. CEO Michael Saylor has already integrated Bitcoin Lightning into his email address.
So @MicroStrategy converted my corporate email address into a #Lightning⚡️ address and people keep sending me 21 sats…🧡 pic.twitter.com/FHde6RtA6N
— Michael Saylor⚡️ (@saylor) April 17, 2023
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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